Planet Labs PBC (PL) Earnings Date & Reports

Key Takeaways

• Planet Labs PBC reported record revenue of $116.1 million for the second quarter of fiscal 2027, up 58% year over year and above the roughly $104.5 million consensus estimate.
• Non-GAAP (non-Generally Accepted Accounting Principles) earnings per share (EPS) came in at $0.02, beating expectations of a $0.02 loss.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached a profit of $13.9 million, well ahead of forecasts near $2 million.
• Defense & Intelligence revenue surged more than 90% year over year, driving much of the quarter's outperformance.
• Management raised full-year fiscal 2027 revenue guidance to $430 million–$441 million but guided third-quarter revenue below consensus, implying a sequential decline.

Earnings Context and Why It Matters

Planet Labs PBC operates one of the world's largest fleets of Earth-imaging satellites, selling daily imagery, data, and geospatial analytics to commercial, civil government, and defense customers. Its fiscal 2027 second quarter, ended July 31, 2026, is significant because it marks the company's fourth consecutive quarter exceeding the "Rule of 40" — a software-industry benchmark that combines revenue growth rate with adjusted EBITDA margin. The results also show how rapidly the business mix is shifting toward defense and intelligence contracts, which accounted for roughly 70% of quarterly sales. For investors, the report offers a clear signal on demand momentum, profitability progress, and whether near-term guidance can support a valuation that has drawn scrutiny in recent months.

Reported Results

Planet reported revenue of $116.1 million, up 58% from $73.4 million in the prior-year period and above the consensus estimate of approximately $104.5 million. Non-GAAP EPS was $0.02, compared with a consensus forecast of a $0.02 loss and a $0.03 loss in the same quarter a year ago. Non-GAAP gross margin was 59%, down from 61% a year earlier but above expectations, reflecting the scalability of the subscription model alongside increased investment in satellite services and AI-enabled solutions.

Adjusted EBITDA was a profit of $13.9 million, a sharp improvement over the roughly $2 million analysts had expected. Defense & Intelligence revenue grew more than 90% year over year, while commercial-sector revenue rose more than 15% and civil government revenue increased over 5%. Point-in-time revenue — recognized upon delivery milestones — represented 12% of quarterly revenue versus 1% a year ago, a source of potential quarter-to-quarter variability. The company ended the quarter with approximately $865 million in cash, cash equivalents, and short-term investments, and backlog of roughly $815 million, up about 11% year over year.

For the third quarter of fiscal 2027, Planet guided revenue of $101 million–$105 million, below consensus near $114 million, with adjusted EBITDA expected to be a loss of $1 million–$6 million. Full-year fiscal 2027 guidance was raised to $430 million–$441 million in revenue, non-GAAP gross margin of 55%–57%, and adjusted EBITDA of $3 million–$10 million, while capital expenditure guidance was increased to $100 million–$115 million.

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Market Reaction and Investor Sentiment

Shares of Planet Labs PBC fell about 8% during regular trading on September 3, 2026, closing at $18.35, as investors initially focused on the softer third-quarter revenue guidance and the expected return to an adjusted EBITDA loss. The stock then rebounded in extended trading, rising roughly 4% in after-hours activity, and moved sharply higher in pre-market trading the following day as the market digested the magnitude of the quarterly beat, the profitability milestone, and the raised full-year outlook. The mixed reaction underscores a key tension: strong current demand and profitability progress versus near-term guidance that suggests a step down tied to the timing of point-in-time revenue recognition. Broader investor enthusiasm for space and defense-related themes has also contributed to elevated volatility in the stock.

Forward Outlook and Key Factors to Monitor

Investors will be watching several themes in the quarters ahead. First, the timing of satellite-services revenue recognition remains a swing factor. Management attributed the expected third-quarter decline to the timing of point-in-time revenue, including a Swedish satellite handover that boosted the second quarter. Because this revenue can shift between periods, quarterly results may remain uneven even as annual growth stays strong.

Second, defense and intelligence demand is central to the growth story. Planet cited an $8 million contract with the National Geospatial-Intelligence Agency and a German tender award worth up to €25 million, and it identified more than $4 billion in satellite-services opportunities. The pace at which this pipeline converts to signed contracts will be a key driver.

Finally, rising capital expenditures deserve attention. The company raised its full-year capital expenditure guidance to $100 million–$115 million to support its next-generation Pelican and Owl satellite programs and expanded manufacturing. While the balance sheet remains strong, higher spending could pressure near-term free cash flow. Balancing margin expansion, elevated investment, and revenue variability will shape how investors evaluate execution in the second half of fiscal 2027.

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